Building on a class of transcendental preferences for luxury, explicit solutions for price taking behavior and exchange equilibrium are discussed, which share the analytical tractability of Cobb-Douglas models. Such economies display fundamental positive properties, among which uniqueness and price tâtonnement stability of equilibrium. The monotone comparative statics of the luxury effect is discussed. Pareto sets admit a simple characterization, which generalizes the one set forth by Afriat (1987) so that a richer phenomenology is embraced. Potential lines of progress are envisaged.
{"title":"On luxury and Equilibrium","authors":"A. Mantovi","doi":"10.15353/rea.v6i2.1414","DOIUrl":"https://doi.org/10.15353/rea.v6i2.1414","url":null,"abstract":"Building on a class of transcendental preferences for luxury, explicit solutions for price taking behavior and exchange equilibrium are discussed, which share the analytical tractability of Cobb-Douglas models. Such economies display fundamental positive properties, among which uniqueness and price tâtonnement stability of equilibrium. The monotone comparative statics of the luxury effect is discussed. Pareto sets admit a simple characterization, which generalizes the one set forth by Afriat (1987) so that a richer phenomenology is embraced. Potential lines of progress are envisaged. ","PeriodicalId":42350,"journal":{"name":"Review of Economic Analysis","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2015-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66905029","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Previous investigations on performance-related pay have mainly analyzed its relationships with earnings, productivity, and job satisfaction. Less attention has been devoted to the investigations of individuals’ preferences for the performance-related payment system per se and consequently the tradeoff between fixed pay and performance-related pay. In this paper, we first use a choice experiment approach to investigate the tradeoff between fixed pay and performance-related pay, and then link the tradeoff for each individual with their risk preferences. Our main results indicate that individuals’ preferences for the payment system per se and the magnitude of tradeoffs between fixed pay and performance pay are different according to their risk preferences.
{"title":"Examining the Tradeoff Between Fixed Pay and Performance-Related Pay: A Choice Experiment Approach","authors":"Junyi Shen, Kazuhito Ogawa, Hiromasa Takahashi","doi":"10.15353/rea.v6i2.1415","DOIUrl":"https://doi.org/10.15353/rea.v6i2.1415","url":null,"abstract":"Previous investigations on performance-related pay have mainly analyzed its relationships with earnings, productivity, and job satisfaction. Less attention has been devoted to the investigations of individuals’ preferences for the performance-related payment system per se and consequently the tradeoff between fixed pay and performance-related pay. In this paper, we first use a choice experiment approach to investigate the tradeoff between fixed pay and performance-related pay, and then link the tradeoff for each individual with their risk preferences. Our main results indicate that individuals’ preferences for the payment system per se and the magnitude of tradeoffs between fixed pay and performance pay are different according to their risk preferences.","PeriodicalId":42350,"journal":{"name":"Review of Economic Analysis","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2015-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66905202","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
I investigate the effects of central bank independence and inflation targeting on macroeconomic performance in 26 advanced economies during the period 1980 to 2011. I find that both improve macroeconomic performance but inflation targeting is the more effective arrangement. When a central bank becomes more independent, it lowers the inflation rate and the variability of inflation but has no effect on real GDP or unemployment. When a central bank becomes an inflation targeter, it lowers the inflation rate, the variability of inflation, the variability of real GDP growth and the output gap, and has no effect on unemployment.
{"title":"The Effects of Central Bank Independence and Inflation Targeting On Macroeconomic Performance: Evidence from Natural Experiments","authors":"M. Parkin","doi":"10.15353/rea.v6i1.1410","DOIUrl":"https://doi.org/10.15353/rea.v6i1.1410","url":null,"abstract":"I investigate the effects of central bank independence and inflation targeting on macroeconomic performance in 26 advanced economies during the period 1980 to 2011. I find that both improve macroeconomic performance but inflation targeting is the more effective arrangement. When a central bank becomes more independent, it lowers the inflation rate and the variability of inflation but has no effect on real GDP or unemployment. When a central bank becomes an inflation targeter, it lowers the inflation rate, the variability of inflation, the variability of real GDP growth and the output gap, and has no effect on unemployment.","PeriodicalId":42350,"journal":{"name":"Review of Economic Analysis","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2014-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66904698","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Historians have claimed that Canadian manufacturing grew in the nineteenth century largely because of the National Policy tariff. In the case of the cotton textile sector, our findings cast serious doubt on the long-standing idea that the National Policy was indispensable to the growth of Canadian manufacturing before WWI.
{"title":"How Powerful Was the National Policy? The Lesson of the Cotton Mills","authors":"Mike Hinton, T. Barbiero, Min Seong Kim","doi":"10.15353/rea.v6i1.1412","DOIUrl":"https://doi.org/10.15353/rea.v6i1.1412","url":null,"abstract":"Historians have claimed that Canadian manufacturing grew in the nineteenth century largely because of the National Policy tariff. In the case of the cotton textile sector, our findings cast serious doubt on the long-standing idea that the National Policy was indispensable to the growth of Canadian manufacturing before WWI.","PeriodicalId":42350,"journal":{"name":"Review of Economic Analysis","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2014-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66905297","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study revisits Lilien’s sectoral shifts hypothesis for the US. We employ quantile regression estimation in order to investigate the asymmetric nature of the relationship between sectoral employment and unemployment. Significant asymmetries emerge. Lilien’s dispersion index is significant only for relatively high levels of unemployment and becomes insignificant for lower levels suggesting that reallocation affects unemployment only when the latter is relative high. More job reallocation is associated with higher unemployment.
{"title":"Asymmetry and Lilien’s Sectoral Shifts Hypothesis: A Quantile Regression Approach","authors":"Theodore Panagiotidis, G. Pelloni","doi":"10.15353/rea.v6i1.1413","DOIUrl":"https://doi.org/10.15353/rea.v6i1.1413","url":null,"abstract":"This study revisits Lilien’s sectoral shifts hypothesis for the US. We employ quantile regression estimation in order to investigate the asymmetric nature of the relationship between sectoral employment and unemployment. Significant asymmetries emerge. Lilien’s dispersion index is significant only for relatively high levels of unemployment and becomes insignificant for lower levels suggesting that reallocation affects unemployment only when the latter is relative high. More job reallocation is associated with higher unemployment.","PeriodicalId":42350,"journal":{"name":"Review of Economic Analysis","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2014-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66904905","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Unaccounted for currency in the U.S. is argued to reflect the presence of widespread income tax evasion. This empirical study seeks to identify determinants of the underground economy in the U.S. in the form of federal personal income tax evasion over the period 1970-2008. In this study, we use the most recent data available on personal income tax evasion, data that are derived from the General Currency Ratio Model and measured in the form of the ratio of unreported AGI (adjusted gross income) to reported AGI. Other studies of federal income tax evasion for the U.S. are dated and do not use data this current. It is found that personal income tax evasion was an increasing function of the maximum marginal federal personal income tax rate, the percentage of federal personal income tax returns characterized by itemized deductions, and unpopular military engagements, in this case, the War in Iraq, and a decreasing function of the Tax Reform Act of 1986 (during its first two years of being implemented), the ratio of the tax free interest rate yield on high grade municipals to the interest rate yield on ten year Treasury notes (as a measure of the incentive effect of a better return to tax avoidance, which is legal), and higher audit rates of filed federal income tax returns (as a measure of risk from tax evasion) by IRS personnel.
{"title":"Where Has The Currency Gone? And Why? The Underground Economy And Personal Income Tax Evasion In The U.S., 1970-2008","authors":"R. Cebula","doi":"10.15353/rea.v6i1.1411","DOIUrl":"https://doi.org/10.15353/rea.v6i1.1411","url":null,"abstract":"Unaccounted for currency in the U.S. is argued to reflect the presence of widespread income tax evasion. This empirical study seeks to identify determinants of the underground economy in the U.S. in the form of federal personal income tax evasion over the period 1970-2008. In this study, we use the most recent data available on personal income tax evasion, data that are derived from the General Currency Ratio Model and measured in the form of the ratio of unreported AGI (adjusted gross income) to reported AGI. Other studies of federal income tax evasion for the U.S. are dated and do not use data this current. It is found that personal income tax evasion was an increasing function of the maximum marginal federal personal income tax rate, the percentage of federal personal income tax returns characterized by itemized deductions, and unpopular military engagements, in this case, the War in Iraq, and a decreasing function of the Tax Reform Act of 1986 (during its first two years of being implemented), the ratio of the tax free interest rate yield on high grade municipals to the interest rate yield on ten year Treasury notes (as a measure of the incentive effect of a better return to tax avoidance, which is legal), and higher audit rates of filed federal income tax returns (as a measure of risk from tax evasion) by IRS personnel.","PeriodicalId":42350,"journal":{"name":"Review of Economic Analysis","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2014-04-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66905108","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper investigates unemployment risk and job prospects of individuals in the three Northern Greek regions (Central Macedonia, Western Macedonia, and Eastern Macedonia and Thrace), during the implementation of the second (1994-99) and the third (2000-06) Community Support Frameworks. More specifically, the research focuses on the social and demographic characteristics that increase the chances of individuals in finding a job, and explores the impact of gender, age, marital status, residence location, level of education, immigrant status, registered in the Manpower Employment Organization (OAED) and participation in training courses. Furthermore, there is an investigation whether University graduates face greater difficulties in finding a job than non-University graduates, as a series of studies or aggregate statistics for Greece conclude. Sampling is based on individual anonymized records (micro-data) of the Labour Force Survey for both employed and unemployed at Nomenclature of Territorial Units for Statistics-2 level. The findings of the logit model are mixed for all the variables used, apart from those of registered in OAED for which the results have no differences among regions and years.
{"title":"Measuring the Unemployment Risk in Northern Greece from the LFS Micro-Data during the Period 1994-2006","authors":"Stavros Rodokanakis, Vasileios Vlachos","doi":"10.15353/rea.v4i2.1385","DOIUrl":"https://doi.org/10.15353/rea.v4i2.1385","url":null,"abstract":"This paper investigates unemployment risk and job prospects of individuals in the three Northern Greek regions (Central Macedonia, Western Macedonia, and Eastern Macedonia and Thrace), during the implementation of the second (1994-99) and the third (2000-06) Community Support Frameworks. More specifically, the research focuses on the social and demographic characteristics that increase the chances of individuals in finding a job, and explores the impact of gender, age, marital status, residence location, level of education, immigrant status, registered in the Manpower Employment Organization (OAED) and participation in training courses. Furthermore, there is an investigation whether University graduates face greater difficulties in finding a job than non-University graduates, as a series of studies or aggregate statistics for Greece conclude. Sampling is based on individual anonymized records (micro-data) of the Labour Force Survey for both employed and unemployed at Nomenclature of Territorial Units for Statistics-2 level. The findings of the logit model are mixed for all the variables used, apart from those of registered in OAED for which the results have no differences among regions and years.","PeriodicalId":42350,"journal":{"name":"Review of Economic Analysis","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2013-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66904569","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study investigates the cost and efficacy of water disinfection practices using data from Canadian Municipal Water and Wastewater Survey. Since only a small number of municipalities use UV or ozone, this study investigates whether the dominant use of chlorine-based disinfectants is due to their efficacy in preventing microbiological problems or because UV or ozone imposes an unacceptably high financial burden on municipalities. The results suggest that the use of UV or ozone can lead to a lower likelihood of having microbiological problems and that the dominant use of chlorine-based disinfection cannot be based on cost comparisons alone.
{"title":"Cost and Efficacy of Water Disinfection Practices: Evidence from Canada","authors":"A. K. Moghadam, M. Dore","doi":"10.15353/rea.v4i2.1384","DOIUrl":"https://doi.org/10.15353/rea.v4i2.1384","url":null,"abstract":"This study investigates the cost and efficacy of water disinfection practices using data from Canadian Municipal Water and Wastewater Survey. Since only a small number of municipalities use UV or ozone, this study investigates whether the dominant use of chlorine-based disinfectants is due to their efficacy in preventing microbiological problems or because UV or ozone imposes an unacceptably high financial burden on municipalities. The results suggest that the use of UV or ozone can lead to a lower likelihood of having microbiological problems and that the dominant use of chlorine-based disinfection cannot be based on cost comparisons alone.","PeriodicalId":42350,"journal":{"name":"Review of Economic Analysis","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2013-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66904512","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The objective of this research is to compare the economic benefits (defined as visitor spending) and costs of a UNESCO World Heritage (WH) designation. The study focuses on two sites in Nova Scotia; Old Town Lunenburg (designated as a WH site in 1995) and Grand Pré National Historic Site (which has applied for a WH status). Pre/post designation visitation data from Lunenburg was used to quantify the impact (6.2%) in the Nova Scotia context. A proportional (to visitation) impact was projected for Grand Pré. The analysis indicates that the level of visitation is important in determining economic viability and that the rising costs of a WH designation further challenge smaller scale attractions.
{"title":"Cost Benefit Analysis of UNESCO World Heritage Site Designation in Nova Scotia","authors":"Burç Kayahan, Brian VanBlarcom","doi":"10.15353/rea.v4i2.1386","DOIUrl":"https://doi.org/10.15353/rea.v4i2.1386","url":null,"abstract":"The objective of this research is to compare the economic benefits (defined as visitor spending) and costs of a UNESCO World Heritage (WH) designation. The study focuses on two sites in Nova Scotia; Old Town Lunenburg (designated as a WH site in 1995) and Grand Pré National Historic Site (which has applied for a WH status). Pre/post designation visitation data from Lunenburg was used to quantify the impact (6.2%) in the Nova Scotia context. A proportional (to visitation) impact was projected for Grand Pré. The analysis indicates that the level of visitation is important in determining economic viability and that the rising costs of a WH designation further challenge smaller scale attractions.","PeriodicalId":42350,"journal":{"name":"Review of Economic Analysis","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2013-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66904772","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The paper “Migration Impact Assessment: A Review of Evidence-Based Findings “ by Peter Nijkamp published in vol. 4(2), 2012, has been withdrawn by the editors because significant parts of the paper appeared in other publications of the author without proper citation.
Peter Nijkamp在2012年第4卷第2期发表的论文“移民影响评估:基于证据的研究结果综述”已被编辑撤回，因为该论文的重要部分出现在作者的其他出版物中，但没有适当引用。
{"title":"Paper withdrawn by the editors","authors":". .","doi":"10.15353/rea.v4i2.1383","DOIUrl":"https://doi.org/10.15353/rea.v4i2.1383","url":null,"abstract":"The paper “Migration Impact Assessment: A Review of Evidence-Based Findings “ by Peter Nijkamp published in vol. 4(2), 2012, has been withdrawn by the editors because significant parts of the paper appeared in other publications of the author without proper citation.","PeriodicalId":42350,"journal":{"name":"Review of Economic Analysis","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2013-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66904810","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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